Bender you make some good points, and I agree that bikes of any kind don't belong on footpaths.
I'm about to have a go at some of the points you raised, but I'm not having a go at you. These points seem to be raised by most cycling enthusiasts that I meet (apart from the windsurfing comparison)

It is very dangerous riding on a cycle way as the leasure cyclist just cruises along at 15km/hr. This in its self is a way more dangerous that riding on the road.
Lycra-clad cyclists seem to have a skewed appetite for risk. If you were given the choice of potentially colliding with a mass of 90kg travelling at 15km/hr, vs 1500kg travelling at 60km/hr.. honestly which do you think would cause more damage?
Its the same as you or me speed sailng through the a class of begginers leaning to windsurf.
I agree. If I were out blasting around and doing speed runs, I'd go around the beginners, or abort the run if I saw someone about to get in the way. Much like a cyclist travelling on his/her speed gear at 30km/hr could easily choose to slow down / go around the slow pokes on the pupose-built cycle paths.
Cyclists need to be treated the same as a slow moving vehicle.
I disagree. I'd say that, like other posters have already mentioned, cyclists need to show more respect to other road users, pedestrians and for the rules of the road.
If cyclists want to be treated the same as a 'slow moving' vehicle then they should be prepared to pay for CTP insurance, and undertake a licensing test to demonstrate that they understand the rules of the road. If they get caught breaking those rules then they should be fined and have demerit points recorded against their licence, just like any other road user.
I know some will ask "why should cyclists using the road pay CTP insurance?" I have 2 examples..
1) About 3yrs ago a 7yo girl was crossing in a school zone (near my house) with the lollipop lady stopping the traffic.. cyclist figured he didn't have to follow the rules.. so he went around the stopped cars.. and knocked the girl to the ground.
2) another incident I saw recently was a narrow miss between a cyclist probably doing 50km/hr (downhill), and a mother pushing her pram. She was already halfway across the road and probably hadn't seen the cyclist, but instead of slowing down, this w@nker keeps his speed up, screams abuse at the woman and misses the pram by inches.
Granted some cyclists aren't road hogs and do move over when they hear vehicles approach from behind, they know and follow the rules of the road but unfortunately these appear to be the blessed few and exceptions to the norm.
For the record I dislike Perth drivers equally as much as Perth cyclists (generalising of course), but that's another topic all on it's own